Oppenheimer upgrades refiners on favorable fundamentals Oppenheimer upgraded to Outperform from Perform shares of HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX) and Tesoro (TSO) saying favorable industry fundamentals will continue to support higher valuations. Wide crude differential, low natural gas prices, growing refined product exports and improved petroleum demand should drive shares of refiners higher, Opco tells investors in a research note. The firm also raised its price target for Outperform rated Valero (VLO) to $70 from $65.
Tesoro upgraded to Outperform from Perform at Oppenheimer Oppenheimer upgraded Tesoro and other names in the Refining space saying favorable industry fundamentals will support higher valuations. The firm has a $105 price target for shares.